Barclays has explained a key rule for its bank accounts after a customer got in touch concerned their account could be closed. The saver got in touch over X to ask: “If I don’t make any transactions in my account for more than 12 months, will it be classified as a dormant or closed account?”
Setting out the rules, Barclays explained that a current account would “typically approach the potential risk of what we call ‘dormancy’ “if it has not been used and has no balance for around 18 months. The group also issued a call to action for customers to ensure their details are up to date.
The bank stated: “If you’re worried about your account going dormant and you maybe can’t put any transactions through the account, I’d just recommend that you ensure that your address is up to date.” Barclays added that this is essential to check “so that we can write to you, should we begin the dormancy process”.
The letter will provide some time for the customer to act as the bank will usually “give you a few months” to either contact Barclays or to use the account, so it can then be no longer classified as dormant. The Barclays website includes this guidance on dormant and lost personal accounts: “If you have a current or savings account with us that you havenât used for some time, we might need to close it to help protect you from potential fraud, such as identify theft.”
The bank will always contact the customer before this happens, with details of what they need to do to keep the account open, which usually means making a payment into or out of it. If the person does not respond, the account will be closed within 90 days of the bank sending out the letter.
Savers who no longer want the account but still have some money in it can contact Barclays to get the funds returned, and to close the account at the same time. However, if there are still funds in the account when it is closed, this amount will be moved to a central holding account where it will earn interest at the previous rate.
If the cash has been moved to the central account and the customer then wants to get their money back, they will need to complete a claim form available on the Barclays website.
The individual will need to complete the form, print it off and post it with two forms of certified ID to this address: Barclays, Leicester, LE87 2BB. If you can’t complete the form, you have the option to visit a Barclays branch or write to the bank at this address, and the bank may be able to begin the claim process for you.
Claims can be processed within two weeks once the bank has also the necessary details.
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